This was fuelled by a consistent increase in the price of essential commodities, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday.
This was the highest annual rate since available data, i.e. July 1965, according to the research firm Arif Habib Ltd, and is also expected to rise even further in the coming months.
According to Dawn, during Ramazan, after over 12 hours of fasting, people try to enjoy lavish iftar by arranging many items. But many people with mediocre wages and salaries are likely to limit their purchases this year.
According to The News International, Consumer Price Index (CPI) inflation in January 2023 accelerated to 27.55 per cent from 24.47 per cent a month earlier, as the unprecedented surge in food items' prices in the month jacked up the general inflation.
Weekly inflation, measured by Sensitive Price Index (SPI), has seen an rise of 31.83 per cent for the combined income group on a year-on-year basis, ending January 19, due to a massive increase in prices of food and non-food items, the Dawn reported citing data released by the Pakistan Burea
Rauf Ibrahim, the chairman of Karachi Wholesalers Grocers Association (KWGA) said traders on Thursday, held a protest outside the State Bank's head office against the non-clearance of over 6,000 containers of pulses at the port for the past two months.
Following a record increase in price, it is now harder for low-income groups to buy a bag of flour in Pakistan and people are looking to the government for help, according to The News International newspaper.
The Pakistan Bureau of Statistics (PBS) in its weekly report on the movement in prices of 51 essential items, collected from 50 markets in 17 major cities around the country said that the year-on-year (YOY) shows a rise of 30.60 percent.